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Economic Systems
Test Description: Alberta SS 9
Instructions: Answer all questions to get your test result.
1) North Korea's four wireless companies are owned by the North Korean government. This is an example of which type of economy?
A
mixed economy
B
monopoly
C
command economy
D
traditional economy
2) The United States has which type of economy?
A
market
B
mixed
C
traditional
D
command
3) In this type of economic system, the decisions are made by the people.
A
command
B
traditional
C
market
D
mixed
4) Which economic system is a combination of the market and command systems?
A
mixed
B
market
C
command
D
traditional
5) Individuals can NOT own or start their own business in this type of economic system.
A
traditional
B
market
C
mixed
D
command
6) This economic system is based on customs and habits.
A
command
B
market
C
mixed
D
traditional
7) This economic system is generally limited to farming and herding.
A
mixed
B
command
C
traditional
D
market
8) There are four economies. Which one is centrally owned by the government?
A
capitalist
B
communist
C
socialist
D
Laissez-Faire
9) Which one is NOT one of the basic economic questions?
A
What product or service will be made/offered?
B
What is the product or service going to cost?
C
Who will buy the product or service?
D
Who will get the product or service?
10) This word describes the fact that there are unlimited wants but limited resourceds.
A
resources
B
opportunity cost
C
price
D
scarcity
11) Every country must develop a(n) _____ system to determine how to use its limited productive resources.
A
dual court
B
economic
C
civil
D
criminal
12) Rivalry between producers of a good results in better quality goods at a lower price. This is called:
A
capitalism
B
competition
C
corporation
D
consumer sovereignty
13) Profit is
A
tools and knowledge used by humans
B
the cost to make a product
C
the difference between cost and income
D
bringing water to crops
14) If there is high demand and low supply, what should happen to prices?
A
nothing
B
go down
C
go up
15) Increased government spending may result in higher taxes; decreased government spending may result in _____.
A
higher wages
B
lower wages
C
lower taxes
D
higher taxes
16) Which of the following is NOT a factor of production?
A
capital
B
land
C
profit
D
labour
*select an answer for all questions
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